Project Description

The latest January 2024 crude steel production data from the World Steel Association had global output across 71 reporting countries at 148.1 million tonnes, down 1.6% year-on-year. Chinese output for the month was estimated at 77.2 million tonnes, down 6.9% year-on-year. Outside China, other major producers that recorded year-on-year gains in January included Iran (+39.3%), Turkey (+24.7%), India (+7.3%), South Korea (+1.5%), Russia (+1.2%), and Japan (+0.6%). These gains were partially offset by a year-on-year falls in Brazil (-7.2%), the EU (-1.8%), and the US (-0.3%).

India’s power ministry expects the country to start operating new coal-fired power plants with a combined capacity of 13.9 gigawatts this year, the highest annual increase in at least six years. The coal ministry reported that India’s coal production in January was 99.73 million tonnes, up 10.3% year-on-year.

The US Department of Agriculture’s February grain season export updates contained only a very marginal markup to overall 2023/24 trade estimates, mainly due to slight upgrades to wheat and coarse grain trades. Looking across export trade forecasts of the principal commodities (wheat, coarse grains, rice, soyabeans, and soyabean meal), net changes to the 2023/24 season saw an overall export trade increase of just 1.78 million tonnes, a rise of 0.002%.

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